The ability to smoothly transfer digital assets and identities across chains is vital to the success of Web3. Solutions need to be cheap, secure, and easy to use. They must allow for complex management including multi-chain NFT settlement, Defi lending, DAO voting, and social staking. Rarimo is the next-generation messaging protocol making this level of interoperability possible.
If web3 is to achieve mass adoption, the user experience must be seamless. Yet, far too often users find themselves unable to transfer digital assets or identities across blockchains without a prohibitively inconvenient number of transactions and fees. Rarimo is changing this. Our generalized messaging protocol makes it possible to execute multi-chain interactions with a single click.
We achieve this by bundling transactions, which allows multiple flows to be executed at once. This distinguishes us from standard bridging protocols which instead support only one flow, and force users to make multiple transactions for multi-chain interactions that contain more than one event such as Token Settlement, DAO Voting or Defi Lending.
The Rarimo core protocol is supported by a network of oracles and independent validators that support and guarantee the transfer of data and value across chains. By using a threshold signature mechanism to create proofs for asset unlocking, we provide optimum security and ensure a maximum number of validators without increasing gas fees or notably compromising speed. This allows blockchains and their dApps to perform multi-chain interactions that are scalable, hyper-secure, cost-effective, and fast.
Rarimo protocol is designed to make development faster and easier for builders whose dApps leverage multi-chain liquidity and access. To understand how profoundly such innovations will impact the user experience, we can take a look at the before and after for the three previously mentioned use cases of Token Settlement, DAO voting, and Defi Lending.
With Rarimo
With Rarimo
Without Rarimo
Before
NFT settlements which involve using crypto held on chain A to purchase an NFT hosted on chain B, entail three to four events. The crypto must be manually sent to a DEX, then swapped for crypto that is native to Chain B. Users must then return to the marketplace and only then can the purchase be made. For each of these steps, users are not only required to perform laborious signatures but to pay transaction fees.
Similarly for DeFi, if a user wants to borrow on chain A but to farm and stake on Chain B, they will have to collateralize and borrow on Chain A, bridge to chain B, execute a swap, farm and then swap back, bridge to chain A, pay back the loan, and un-collateralize. This requires a total of four fees and multiple manual steps.
As for DAOs, governance is currently restricted to a single environment: the native chain and its ecosystem. Until Rarimo, there has been no multi-chain way for users to confirm membership and participate in voting.
After
With Rarimo, both NFT settlements and Defi lending can be executed with a single click, a single transaction, and a single fee. The fee is stable and predictably set, and no additional costs, time or complex processes are demanded of users.
DAO voting will be revolutionized as users from different blockchains will be able to leverage oracles to demonstrate ownership over membership tokens and participate in activities multi-chain. This will significantly expand the community and the reach of DAOs.
These three examples are only a small sample of the many use cases Rarimo can transform. The possibilities are endless, from multi-chain Airdrops to automated multi-chain social staking, or from fractionalization to uncollateralized lending via Reputational Proofs.
Impact
By solving such interoperability issues, Rarimo Protocol not only improves the real-time user experience, it brings an end to the fragmentation of value that is plaguing web3. Without Rarimo, digital assets and identities remain locked in their original ecosystems, restricting access and liquidity across the entire network. With Rarimo, their full potential is unleashed, and a new wave of exchange, innovation, and usability can follow.
You can sign up to the Rarimo Testnet here, and join us on Discord and Twitter.